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Globe Telecom Inc. said Wednesday it borrowed P12 billion from three local banks to partially fund its 2023 capital expenditure and debt refinancing.
“The loans shall be used to finance the company’s capital expenditures , debt refinancing and/or general corporate requirements,” Globe said.The reduced capital expenditures are in line with Globe’s focus on capital efficiency and optimization. Bulk of the amount or 91 percent was allocated for the data requirements to ensure that customers will be able to access the best digital solutions and connectivity anytime.
Globe blamed the decline in net profit to the ” increased depreciation expense as well as this period’s non-operating charges versus last year’s non-operating income which included the partial sale of Globe’s data center business.”
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